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<br />Maturity Principal Interest Rate <br />(November 15) Amount (Per Annum) <br />1993 $ 90,000 7.70% <br />1994 100,000 7.75 <br />1995 105,000 7.80 <br />1996 115,000 7.85 <br />1997 125,000 7.90 <br />1998 135,000 8.00 <br />1999 145,000 8.00 <br />2000 160,000 8.10 <br />2001 175,000 8.20 <br />2002 190,000 8.25 <br />2003 200,000 8.25 <br />2009 1,600,000 8.55 <br />2013 1,960,000 8.60 <br /> <br />(g) The 1989 Bonds maturing on November 15, 1999 are redeemable <br />at the option of the City on and after November 15, 1998, in whole or in part, upon payment <br />of par and accrued interest and a premium of a percentage of the principal amount so <br />redeemed, as follows: <br /> <br />Redemotion Date <br /> <br />Premium <br /> <br />November 15, 1998, and May 15, 1999 1.00% <br />November 15, 1999, and thereafter _ 0 _ <br />(h) The City is not delinquent in the payment of the principal of or <br />interest on the 1989 Bonds. <br />(i) The Council has determined and hereby declares that it is <br />advantageous and favorable to the City to refund, pay and discharge the Refunded Bonds as <br />the same become due at maturity or by prior redemption because by undertaking the <br />Refunding Project, the City will reduce interest costs and effect other economies. <br />(j) Section 11-56-105, C.R.S authorizes the City to issue sales tax <br />refunding revenue bonds, without an election, to accomplish the Refunding Project. In <br />addition, the City is authorized to issue the Bonds without an election pursuant to Article X, <br />Section 20 of the Colorado Constitution because (as verified by the Purchaser) the Bonds <br />have a lower net effective interest rate than the remaining Refunded Bonds, <br /> <br />- 10 - <br />